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OKLAHOMA STATE TREASURER
KEN MILLER
For Immediate Release: August 2, 2012
Growth in Income, Sales Push July Collections into
Positive Territory
OKLAHOMA CITY – Driven by increases in income and sales, Oklahoma’s total
revenue collections resumed their rise in July after dipping slightly the month before, State
Treasurer Ken Miller announced today as he released the gross receipts to the treasury report for
the first month of the fiscal year.
Total treasury collections in July grew by just more than one percent over the same
month of last year, aided by a double-digit jump in income tax collections but hampered by a
more than 43 percent plunge in collections on oil and gas production. It marks the eighth
consecutive monthly decline in gross production tax collections from the same month of the prior
year.
“While the overall rate of growth in collections has slowed somewhat in the past few
months due to lower energy prices and production, most other economic indicators remain
positive,” Miller said. “Our July report shows sustained consumer confidence in the economy
with Oklahomans earning and spending more money.”
July treasury collections are up by 1.1 percent from July of last year, Miller said. That
compares to average growth in the past 12 months of 7.2 percent, including an almost 11 percent
increase in income tax collections and almost 9 percent growth in sales tax collections.
Dodging a bullet
Reports from the Oklahoma Tax Commission show low natural gas prices earlier this
year will not result in a three percentage point gross production tax rate decrease in the coming
months. If reports had shown the average price paid for Oklahoma-produced natural gas was
below $2.10 per thousand cubic feet (mcf) in March or April, the lower rate would have been
triggered for collections remitted in July and August.
While the spot price of gas at the Henry Hub in Louisiana was $2.06/mcf in March and
$2.01/mcf in April, Oklahoma-produced gas sold for $2.92/mcf in March and $2.17/mcf in April.
The regular gross production tax rate is seven percent, but would have been cut to four percent
had the price trigger been met.
(more)

OKLAHOMA STATE TREASURER
KEN MILLER
For Immediate Release: August 2, 2012
Growth in Income, Sales Push July Collections into
Positive Territory
OKLAHOMA CITY – Driven by increases in income and sales, Oklahoma’s total
revenue collections resumed their rise in July after dipping slightly the month before, State
Treasurer Ken Miller announced today as he released the gross receipts to the treasury report for
the first month of the fiscal year.
Total treasury collections in July grew by just more than one percent over the same
month of last year, aided by a double-digit jump in income tax collections but hampered by a
more than 43 percent plunge in collections on oil and gas production. It marks the eighth
consecutive monthly decline in gross production tax collections from the same month of the prior
year.
“While the overall rate of growth in collections has slowed somewhat in the past few
months due to lower energy prices and production, most other economic indicators remain
positive,” Miller said. “Our July report shows sustained consumer confidence in the economy
with Oklahomans earning and spending more money.”
July treasury collections are up by 1.1 percent from July of last year, Miller said. That
compares to average growth in the past 12 months of 7.2 percent, including an almost 11 percent
increase in income tax collections and almost 9 percent growth in sales tax collections.
Dodging a bullet
Reports from the Oklahoma Tax Commission show low natural gas prices earlier this
year will not result in a three percentage point gross production tax rate decrease in the coming
months. If reports had shown the average price paid for Oklahoma-produced natural gas was
below $2.10 per thousand cubic feet (mcf) in March or April, the lower rate would have been
triggered for collections remitted in July and August.
While the spot price of gas at the Henry Hub in Louisiana was $2.06/mcf in March and
$2.01/mcf in April, Oklahoma-produced gas sold for $2.92/mcf in March and $2.17/mcf in April.
The regular gross production tax rate is seven percent, but would have been cut to four percent
had the price trigger been met.
(more)